Writer: Eric Bank
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
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Spotloan is your trusted option for small installment loans tied to your income. You can quickly apply online and receive a decision in just 10 minutes. Since 2012, Spotloan has supported over 1.3 million consumers by offering direct loans exactly when they’re needed most.
This review covers Spotloan and seven other providers of loans for bad credit. Spotloan stands out because it offers distinctive loan terms that combine high interest rates with extended payback periods.
Spotloan Funds Installment Loans at Payday Loan Rates
What makes Spotloan unique is its offer of installment loans ranging from $300 to $800, with interest rates as high as 480%. For preferred customers who have taken out 10 or more loans, the borrowing limit increases to $1,500.
On the other hand, personal installment loans offer interest rates capped at 36% and allow for larger amounts with repayment periods that can extend up to 60 months. This flexibility might be exactly what you need.
Alternatively, you can compare Spotloan to an online payday lender, where interest rates can exceed 700%, and you have one to four weeks to repay the entire amount.
Picture Spotloan as a combination of personal and payday loans. It offers small personal loans that come with higher costs, yet they provide longer repayment terms than typical payday options. This unique blend might grab your attention because of its distinctive features.
Best Online Loans Like Spotloan
These loan-matching networks can arrange installment loans similar to those from Spotloan. You may qualify for a personal loan with an interest rate of 36% or less. Moreover, online network loans may let you borrow more than Spotloan’s $800 maximum and give you a longer loan term.
These companies are not direct lenders. Instead, they prequalify your loan application and connect you to one or more direct lenders without cost or obligation.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual serves consumers with poor credit. It can prequalify your loan application in seconds and connect you to a suitable direct lender. You must meet certain age, residency, income, and bank account requirements to get a loan offer.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group can facilitate multiple loan quotes for borrowers seeking $500 to $35,000. This loan-matching service has more than 15 years of experience helping consumers with all types of credit. These loans provide speedy cash — once you receive loan approval, the lender will deposit your money into your bank account as soon as the next business day.
3. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com can quickly prequalify you for a loan of $500 to $10,000, even if your credit is imperfect. You must be 18 or older, a US citizen or resident, and earn an after-tax income of at least $1,000/month. You also must have an active checking account in your name, a working phone number, and a valid email address.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com offers a fast prequalification process that can match you to multiple direct lenders. You must receive a regular monthly income of at least $1,000 to prequalify. SmartAdvances.com belongs to the Online Lenders Alliance (OLA), committed to a responsible lending policy that complies with the letter and spirit of federal law.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
BadCreditLoans.com serves consumers with poor credit who need to borrow $500 to $10,000 and repay in monthly installments. To prequalify, you must show you have enough income to afford the monthly payments. Alternatively, you can apply for a revolving line of credit for extra flexibility.
- Personal loans up to $5,000
- Access to a network of lenders
- Funds could be yours in as little as one business day
- Quick, easy online application
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
One Loan Stop is a lending network that can quickly prequalify you for a loan offer despite your low credit score. The site is safe and secure, encrypting all your personal data. Loans aren’t available in every state.
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
The PersonalLoans.com network can quickly prequalify you for an unsecured personal loan for $500 to $35,000. To prequalify, you must earn at least $2,000 monthly from a job or government benefits and own an active bank account. PersonalLoans.com can also find other financial services tailored to your credit profile, including credit monitoring, credit repair, and debt settlement.
What Is Spotloan?
Spotloan is a direct provider of small, high-interest installment loans. The Turtle Mountain Band of Chippewa Indians of North Dakota owns and operates Spotloan.
Loans are currently not available to residents of Arkansas, Connecticut, the District of Columbia, Illinois, Maryland, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia, and West Virginia.
Loan Example: Spotloan’s maximum APR reaches 490%. If you borrow $600 and repay it every two weeks, you’ll face a significant $775 in finance charges, which is a lot more than the original loan amount.
What Are Spotloan’s Credit Requirements?
Spotloan makes bad credit loans but doesn’t require a specific minimum credit score. It may pull a soft credit inquiry from a credit bureau, but soft credit pulls do not impact your credit scores, and only you can see them on your credit reports.
Spotloan provides payment information to at least one major credit bureau so you can help improve your credit score through timely repayments.
If Spotloan rejects your loan, it will send you an Adverse Action Notice explaining why. If you feel the rejection stems from a credit report mistake, you can contact the credit bureaus directly or via a credit repair company to dispute incorrect, obsolete, or unverifiable items.
Spotloan requires borrowers to provide contact information, including their physical mailing address, a valid email address, and a telephone number. You must also provide banking information, including the routing and account numbers for the bank or credit union where Spotloan will deposit your funds. Finally, be prepared to answer questions regarding your income and pay frequency.
Occasionally, Spotloan may need to verify your identity once you’re approved. In that case, you must send a voided check before collecting your loan proceeds.
Can I Get a Loan Without a Credit Check?
Several loan sources do not perform a hard credit check when you apply for a loan. These include Spotloan as well as loan-matching services that conduct a hard credit check during the prequalification phase. Direct lenders on the loan networks may do hard credit pulls.
Other loan types that do not check credit include:
- Online payday loans: These cash advance loans depend on your income, not your credit score. Storefront and online payday loans charge astronomical interest rates, and you must repay the short-term loan when you next get paid in one to four weeks.
- Auto title loans: You can get an auto title loan without a credit check if you’ve paid off the loan on your vehicle. Though easy to obtain, these loans are costly (i.e., triple-digit APRs), and you can forfeit your car if you miss a payment.
- Home equity loans: Homeowners can cash out part of their equity with a home equity loan or line of credit. These second mortgages allow you to siphon the difference between your home’s current value and the amount you owe on your first mortgage. A home equity line of credit is a convenient revolving borrowing facility you can use as needed and repay on your own schedule (as long as you make the minimum monthly loan payments).
- Pawnshop loans: You can get instant cash via a collateral loan from a pawnshop. You usually get no more than 50% of your property’s value when you pawn it, which means you’d have to hock at least $1,600 in property to borrow $800. You’ll lose your belongings if you fail to redeem your pawn ticket — and pay off the loan in full — by the due date.
- Friends and family: You may be able to get a quick loan on favorable terms from a family member or friend. It’s best for all concerned to use a written agreement specifying all the loan’s terms. Remember that you may risk your relationship with the lender if you fail to repay the loan.
Keep in mind that you cannot build credit through any of the loans on this list.
How Can I Increase My Approval Odds?
Recruiting a cosigner is one of the easiest ways to increase your loan approval odds. A cosigner is equally responsible for timely payments, reducing the lender’s risk that the primary borrower will default on the debt.
Improving your credit score can also boost your chances of loan approval. You can achieve this by getting a credit card, using it responsibly, and paying on time. Since 35% of your FICO scores are determined by your payment history, making timely payments can strengthen your credit. On the flip side, late payments over 30 days can be detrimental, and the situation worsens if you default, face collections, or file for bankruptcy.
It may also help to minimize your loan amount and repayment term. Lenders are more apt to approve bad credit borrowers seeking a small, short-term loan.
Check the Competition Before Borrowing From Spotloan
Spotloan might be a better choice than a traditional payday cash advance because it allows you to repay over time instead of in one lump sum. However, if you’re looking for an online installment loan with potentially lower interest rates, consider exploring the reviewed loan networks. They provide some of the best alternatives to Spotloan for those looking to save on interest.
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